Greenwood Business Insurance
(Everything you need to know - and more)
Written by
Christina is a freelance writer and licensed insurance agent. She has worked in many facets of the insurance industry, from entry-level assistant to account manager/sales rep to vice president of operations.
Greenwood, SC is home to 23,320 people or .004% of The Palmetto State’s total population. The local economy runs on a variety of industries like retail trade, manufacturing, and health care. At last count, Greenwood had 2,069 businesses that continue to keep the city’s 170-year history thriving. If you’re one of the many business owners in Greenwood who are keeping the unemployment rate low (4%), then you’ll want to protect your company with a fitting business insurance plan.
Picking the right insurance products to include in your business insurance package can be a confusing task, but you don’t need to do it alone. Independent insurance agents in Greenwood can help figure out your business risks and advise you about the policies available to cover each of them. Find an insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Greenwood?
Liability insurance is a really important part of every business insurance policy. It’s designed to pay for legal fees, court costs and damages if your company is sued for a covered risk. All business coverage includes, at the very least, commercial general liability insurance (CGL). This standard insurance has two main parts:
- Product liability insurance: This covers third-party injuries, property damage, and illnesses when they’re caused by flaws in products your company promotes, sells, or produces.
- Premises liability insurance: This covers third-party injuries, property damage, and illnesses when they happen on your business property.
Generally speaking, CGL on its own can’t cover all possible liability risks. An independent insurance agent can help identify any other liability dangers your business may face and can recommend the best policies to cover against them.
The following is a list of some popular commercial liability insurance products for all businesses, including those in Greenwood:
- Employment practices liability insurance: This covers lawsuits based on accusations of illegal business practices like harassment, breach of contract, discrimination, and wrongful termination.
- Cyber liability insurance: This covers businesses against liabilities and financial losses caused by hackers getting into your computer system and stealing your customers' personal data like credit card numbers, bank account numbers, Social Security numbers, and other financial/personal information.
- Environmental liability insurance: This covers businesses that produce or work with toxic substances. This policy can pay for damages and clean-up costs if an environmental accident causes pollution of the air, water, or ground.
You can find out more about these and other commercial liability protections by talking with a local independent insurance agent.
Does Greenwood Business Insurance Cover All Your Business Assets?
All business insurance includes commercial property coverage. This is designed to reimburse your company for any damage or loss to your commercially owned property, including outdoor signs, tools, machinery, inventory, merchandise, and office furniture. Greenwood businesses are most likely to experience property damage or loss because of hazards such as hurricanes, severe storms, flooding, accidental fires, and property crimes. Once in a while, specialized commercial property insurance is necessary. Depending on the scope of your company, your insurance agent may recommend buying:
- Flood insurance: This is a good idea for businesses at risk of flooding ,since commercial property insurance does not protect against flood damage. Greenwood businesses are at risk for flooding caused by hurricanes or severe storms.
- Inland marine insurance: This covers portable corporate property while it is being stored in an off-site location or on your business premises.
- Boiler & machinery insurance: This pays for the cost to replace or repair broken-down business equipment and may even cover business losses associated with machines breaking down.
Your Greenwood insurance agent can help you be sure that all of your business assets are adequately covered, and that your coverage limits are high enough to help your company replace, rebuild, or repair as needed.
How Can Business Interruption Insurance Help Greenwood Businesses?
Major disasters don’t just damage your commercial property. They can also force you to temporarily close your business for an extended period while repairs are being made. This is certainly true when widespread damage hinders the ability to fix things, like after a devastating hurricane.
Closing your business for a few days, weeks, or even months can be a tremendous financial setback, particularly for small companies with fewer resources. Business interruption policies provide a solution to this headache.
Disasters in South Carolina
- Number of federally declared disasters in SC since 1953: 38
- Most common reasons for declared disasters: Hurricanes
- Average number of tornadoes in SC per year: 27
Business interruption coverage will provide your company with income when a covered event results in long-term business closure. The coverage will help your company pay regular expenses like loan installments, utility payments, and employee payroll, even though your business is not able to generate revenue.
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Do Greenwood Businesses Need Workers’ Compensation Insurance?
Workers’ compensation insurance is meant to cover the cost of lost wages, medical treatment, and other expenses related to workplace injuries and occupational illnesses. In the case of a worksite fatality, this coverage can also take care of long-term benefits for the surviving dependents.
In the state of South Carolina, all companies with at least four employees are required by state law to have workers’ compensation insurance. There are a few exceptions, such as not needing to cover:
- Agricultural employees
- Railroad/railway employees
- Textile hall corporation employees
- Sole proprietors, partners, or LLC members
- Certain commission-based real estate agents
- Corporate employees that have less than $3,000 in overall payroll during the previous year
The premium for workers’ compensation coverage is mostly based on the types of jobs your employees perform. The riskier the occupation then the more the insurance costs. A local independent insurance agent can guide you through a review of your risks and match the proper insurance with your business budget.
What about Insurance Products for Employee Benefits Packages?
Healthcare coverage is often seen as being very expensive, but subsidizing it for your employees can actually have some cost-saving benefits. Surveys conducted by human resources professionals have shown that companies offering employee benefits such as life insurance, vacation time, sick time, and health insurance find it much easier to attract and retain quality employees.
- SC is ranked 32nd for highest medical insurance costs in the US
- Annual amount spent on healthcare coverage by SC businesses: $878,428,000
- Average annual cost of health care in SC: $5,557/person or $15,780/family
There are plenty of different health and life insurance products available for your business. This can make it very confusing as to which policies are the best for your employee benefits package. A local independent insurance agent can go over the pros and cons of each policy option with you so you’re able to make an informed decision.
Why Work with an Independent Insurance Agent in Greenwood, SC?
Each business has its own unique exposures and risks. That’s why insurance companies offer fully customized business insurance plans. An independent insurance agent in Greenwood, SC can offer guidance while shopping around for the best, most affordable commercial insurance for your particular business.
Reach out to an independent insurance agent with an office in or around Greenwood, SC to learn more. You’ll probably discover how easy it can truly be to design a comprehensive, yet cost-effective, business insurance policy package.